19. A site is available at a purchase price of GH¢150,000 and it is anticipated that planning permission could be obtained for a factory of 7500 m2 or an office block of 17500 m2. The estimated cost of the factory including site works is GH¢1,125,000 and the comparable cost of the office block is GH¢6,300,000. The contract periods are assessed at one year for the factory and two years for the office block. On completion, the office block is likely to have an annual rental value of GH¢875,000 with the landlord's annual outgoings of GH¢200,000. The normal return on office blocks in this area is 7 percent. The factory is likely to sell for GH¢1,900,000 on completion. Legal, agency, and advertising costs are likely to be GH¢60,000 for the factory and GH¢280,000 for the office block. Architect's and surveyor's fees are 10 percent of construction costs and finance is at an advantageous interest rate of 12 percent. Determine the form of development likely to profit the developer most.